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Vilfredo Pareto's contribution to modem economic theory is today universally recognized, but to my mind his particular contribution to utility theory is not sufficiently understood. In the following paragraphs I intend to give an assessment and evaluation of Paretian thought on this important topic. It seems that Pareto' s contribution to utility theory originated as a reaction to the attitude of Walras and the Austrian School of.Economists to this same theory. The latter thought that utility theory, as they understood it, was a sort of ultimate truth, a key to all the secrets of pure economics. Consequently they placed such an emphasis on it that they induced Pareto and the Paretians to do their best to demolish it. Such was their eagerness that some even held that this departure constituted Pareto's main contribution to economic theory. ; N/A

"Serial T-138/62." ; "20 July 1962." ; Office of Naval Research, contract ; Mode of access: Internet. ; 2

The paper builds upon an original pre- and post-election survey that we conducted before and after the 2015 Canadian election. Directly after Election Day, we asked Canadians for which party they voted, and whether they regret their choice. We find that 39% of them are not perfectly happy with their decision, and 4% even say that they made a bad decision. We show that the propensity to regret can be explained by a mixed-utility theory, whereby voters attempt to maximize a mixture of instrumental and expressive utilities. Our study contributes to the literatures on voting behavior and political economy, which usually considers that voters are either instrumental or expressive, but not both at the same time.

Expected Utility theory is not only applied to individual choices but also to ethical decisions, e.g. in cost-benefit analysis of climate change policy measures that affect future generations. In this context the crucial question arises whether EU theory is able to deal with 'catastrophic risks', i.e. risks of high, but very unlikely losses, in an ethically appealing way. In this paper we show that this is not the case. Rather, if in the framework of EU theory a plausible level of risk aversion is assumed, a 'tyranny of catastrophic risk' (TCR) emerges, i.e. project evaluation may be dominated by the catastrophic event even if its probability is negligibly small. With low degrees of risk aversion, however the catastrophic risk eventually has no impact at all when its probability goes to zero which is ethically not acceptable as well.

Emergency managers are faced with critical evacuation decisions. These decisions must balance conflicting objectives as well as high levels of uncertainty. Multi-Attribute Utility Theory (MAUT) provides a framework through which objective trade-offs can be analyzed to make optimal evacuation decisions. This paper is the result of data gathered during the European Commission Project, Evacuation Responsiveness by Government Organizations (ERGO) and outlines a preliminary decision model for the evacuation decision. The illustrative model identifies levels of risk at which point evacuation actions should be taken by emergency managers in a storm surge scenario with forecasts at 12 and 9 hour intervals. The results illustrate how differences in forecast precision affect the optimal evacuation decision. Additional uses for this decision model are also discussed along with improvements to the model through future ERGO data-gathering.

The Corona pandemic in Indonesia forced the learning system into a drastic change into online learning. Many campuses that were previously quite comfortable with face-to-face learning were forced to be helpless because they had never prepared a backup plan when something unexpected happened, one of which was when the campus was forced to not be able to face-to-face. If the learning system continues to be done online, it might cause the quality of learners to decrease dramatically compared to face-to-face learning. Moreover, the courses that must be filtered include theories and practice courses. Most assignments given to students are not seriously done because of a lack of significant evaluation and supervision. The Faculty of Computer Science, Santo Thomas Catholic University, Medan supports this government policy by implementing online learning using the Zoom application for face-to-face and Edmodo for supplementary lecture material for online learning media. In one semester apart from studying there is a test period which is the Midterm Examination (UTS) and Final Examination Semester (UAS) where the current leadership must wisely determine the type and nature of the exams to be conducted online. To find out the effectiveness of the form of exam questions in online implementation, a Multi-Attribute Utility Theory (MAUT) method was conducted, the test results found that online learning with Zoom and Edmodo was very effective for theoretical courses with a value of 0.88, then the results of this calculation it is recommended that online tests be conducted in the form of theories such as multiple-choice, essay and analysis ; Pandemi Corona di Indonesia membuat sistem pembelajaran dipaksa berubah secara drastis menjadi belajar secara daring. Banyak kampus yang sebelumnya cukup nyaman dengan pembelajaran tatap muka dipaksa tidak berdaya karena tidak pernah menyiapkan rencana cadangan ketika terjadi hal yang tidak diinginkan, salah satunya ketika kampus dipaksa tidak bisa bertatap muka secara langsung. Jika sistem pembelajaran tetap dilakukan secara daring, mungkin akan menyebabkan kualitas peserta didik menurun drastis dibandingkan dengan pembelajaran tatap muka. Apalagi matakuliah-matakuliah yang harus didaringkan tersebut termasuk matakuliah teori dan praktik. Kebanyakan tugas-tugas yang diberikan ke peserta didik tidak dengan serius dikerjakan karena kurangnya evaluasi dan pengawasan yang signifikan. Fakultas Ilmu Komputer Universitas Katolik Santo Thomas Medan mendukung kebijakan pemerintah tersebut dengan memberlakukan belajar daring menggunakan aplikasi Zoom untuk tatap muka dan Edmodo untuk suplemen materi kuliah serta penugasan untuk media belajar daring. Dalam satu semester selain belajar ada masa ujian yaitu Ujian Tengah Semester (UTS) dan Ujian Akhir Semester (UAS) dimana saat ini pimpinan haru bijak menentukan jenis dan sifat ujian yang akan dilaksanakan secara daring. Untuk mengetahui keefektifan bentuk soal ujian dalam pelaksanaan daring, maka dilakukan pengujian dengan metode Multi-Attribute Utility Theory (MAUT), dari hasil pengujiannya didapatkan bahwa belajar secara daring dengan Zoom dan Edmodo sangat efektif bagi matakuliah teori dengan nilai 0.88, maka dari hasil perhitungan ini disarankan ujian daring yang dilakukan adalah dalam bentuk teori seperti pilihan ganda, essay dan analisa.

The purpose of This researchis to generate incentives based on performance assessment, which creates a good and transparent village government. Therefore, the awarding of incentives is based on performance appraisal, in such assessmentis required decision support System (SPK) that can take into account all criteria to help facilitate the decisionmaking process.By Implementing the method multy Attribute Utility Theory (MAUT)with the criteria that have been applied to theoffice of Puncak Jaya village namely Performance Assessment, attendance, discipline, responsibility on the service. The resulting system is the calculation value ofincentives for incentive based on the performance assessmentof the village apparatus with the method of multy Attribute Utility Theory (death).Based on research the decision support system that has been made can help decision makers in determining the incentive grant of village apparatus. This is evidenced by the test result done by the Black Box method and The testing base Path that generates the value V (G) = CC, where V (G) = 4 and CC = 4, so it is obtained that the logic ofa flowchart calculation of the normalization and Perankingan are correct and based on Black Box testing which includes the test input process and output with reference to the draft software has been fulfilled with the results according to the design.

Coronavirus Disease 2019 (Covid-19) was first discovered in China, spread to various countries including Indonesia in March 2020. Until 2021 Covid-19 has not disappeared. This of course has an impact that can harm the country and society. Therefore, the government made a policy of Large-Scale Social Restrictions (PSBB) with the aim of breaking the chain of the spread of Covid-19. One of the impacts felt by the community with its presence is the deactivation of employees carried out by several companies to workers on the grounds that they do not have the money to pay the workers. PT. XYZ has difficulty choosing which employees to deactivate. This research is based on these reasons, so the authors decided to use the Multi Attribute Utility Theory (MAUT) method to help make decisions to choose employees who deserve to be deactivated with job prospects, age, length of work per year, education, dependents with an alternative number of 10 (Ten) ) employees. The use of the MAUT method is expected to determine the criteria for employees who deserve to be deactivated, because the MAUT method will perform a ranking process based on attributes with different weights so that the results are more optimal, then a ranking process will be carried out which will determine the optimal alternative as well. The 5 (five) alternatives that deserve to be deactivated are A2 with a result of 0,9303, A8 with a result of 0,5561, A4 with a result of 0,533, A9 with a result of 0,4978, and A1 with a result of 0,4867 is 5 a viable alternative to deactivate during the pandemic

Considering the globalized nature of international financial markets and the important role of innovative entrepreneurial endeavors for employment and economic development, this paper analyzes the global supply and demand of entrepreneurial finance, in the form of individuals' savings and borrowings for entrepreneurial ventures in the global economy. To this end, a theoretical treatment of the potential global entrepreneurial finance market (GEFM) dynamics, in response to governments and private sector financial transfers, is first provided. This is followed by the econometric modeling of such dynamics based on intertemporal random utility maximization, using pooled data from the 2014 and 2017 global financial inclusion surveys. The findings reveal, contrary to theoretical predictions, that private sector financial injections (i.e., electronic wage payments), exert an adverse effect on the GEFM; meanwhile, in accordance with theoretical predictions, public sector financial injections (i.e., electronic welfare payments), do positively influence the growth of the GEFM. In addition, compared to their male counterparts, females are found to be 7% more likely to own a formal account, and are 23.4% more likely to save for farming or business entrepreneurship, while also being 18.8% more likely to borrow for entrepreneurial ventures, therefore suggesting a relatively greater growth potential from female entrepreneurship in the global economy.

Good quality rural road infrastructure seems to contribute substantially to improvements in several socio-economic indicators in rural areas: increases accessibility to markets, educational and health facilities, and stimulates economic activities. However, several millions of people in sub-Saharan Africa do not live in proximity to an all-season road. A robust process of prioritizing roads for upgrade is needed to ensure efficient allocation of scarce resources in a manner that will maximize accessibility to key social amenities and economic opportunities. This study uses Multi-Attribute Utility Theory (MAUT) to examine how rural roads in Akwa Ibom State, Nigeria may be prioritized for upgrade to maximize access to key socio-economic facilities. In our analysis, the rural roads to be prioritized are the alternatives while the decision criteria are: social, economic, demographic, financial, and political. The MAUT is preferred to the commonly-used Analytic Hierarchy Process (AHP) because the number of alternatives is large. Geographic information system (GIS) techniques are applied to process some of the data used in the performance matrix of the MAUT. We specify non-linear marginal utility functions for the criteria. Scenario analyses are also carried out to examine the impact of changes in the weights of the criteria on the utility score of each alternative. The study identifies 10 roads that will yield the highest socio-economic benefits and promote rural accessibility. Finally, the study recommends that decision-makers adopt a similar approach in selecting rural roads for upgrade, instead of selecting roads based on political considerations.

Conclusions favorable to flexible exchange rates typically accord with expected utility theory in ignoring the costs that exchange rate uncertainty generates for governments, central banks, firms and unions in: (i) choosing among acts; and (ii) existing until learning the outcome of the chosen act. Allowing for these involves SKAT, the Stages of Knowledge Ahead Theory, Pope (1983, 1995, 2005), Pope, Leitner and Leopold (2006). A laboratory experiment suggests that (i) and (ii) together outweigh the advantages of having a flexible exchange rate as an additional instrument for managing a country?s international competitiveness goal.

As mentioned in the introduction, the objective of this work has been to get a more realistic understanding of economic decision making processes by adopting an interdisciplinary approach which takes into consideration at the same time economic and psychological issues. The research in particular has been focused on the psychological concept of categorization, which in the standard economic theory has received until now no attention, and on its implications for decision making. The three experimental studies conducted in this work provide empirical evidence that individuals don not behave according to the perfect rationality and maximization assumptions which underly the SEUT, but rather as bounded rational satisfiers who try to simplify the decision problems they face through the process of categorization. The results of the first experimental study, on bilateral integrative negotiation, show that most of the people categorize a continuum of outcomes in two categories (satisfying/not satisfying), and treat all the options within each category as equivalent. This process of categorization leads the negotiators to make suboptimal agreements and to what I call the ?Zone of Agreement Bias? (ZAB). The experimental study on committees? decision making with logrolling provides evidence of how the categorization of outcomes in satisfying/not satisfying can affect the process of coalition formation in multi-issue decisions. In the first experiment, involving 3-issues and 3-parties decisions under majority rule, the categorization of outcomes leads most of the individuals to form suboptimal coalitions and make Pareto-dominated agreements. The second experiment, aimed at comparing the suboptimizing effect of categorization under majority and unanimity rule, shows that the unanimity rule can lead to a much higher rate of optimal agreements than the majority rule. The third experiment, involving 4-issues and 4-parties decisions provides evidence that the results of experiments 1 and 2 hold even when the level of complexity of the decision problem increases.

International audience ; In this paper we adopt Skew Symmetric Bilinear (SSB) utility functions to compare policies in Markov Decision Processes (MDPs). By considering pairs of alternatives, SSB utility theory generalizes von Neumann and Morgenstern's expected utility (EU) theory to encompass rational decision behaviors that EU cannot accommodate. We provide a game-theoretic analysis of the problem of identifying an SSB-optimal policy in finite horizon MDPs and propose an algorithm based on a double oracle approach for computing an optimal (possibly randomized) policy. Finally, we present and discuss experimental results where SSB-optimal policies are computed for a popular TV contest according to several instantiations of SSB utility functions.

International audience ; In this paper we adopt Skew Symmetric Bilinear (SSB) utility functions to compare policies in Markov Decision Processes (MDPs). By considering pairs of alternatives, SSB utility theory generalizes von Neumann and Morgenstern's expected utility (EU) theory to encompass rational decision behaviors that EU cannot accommodate. We provide a game-theoretic analysis of the problem of identifying an SSB-optimal policy in finite horizon MDPs and propose an algorithm based on a double oracle approach for computing an optimal (possibly randomized) policy. Finally, we present and discuss experimental results where SSB-optimal policies are computed for a popular TV contest according to several instantiations of SSB utility functions.

The Jurisprudential theory of Jeremy Bentham, though have been considered way too old, especially in the socialist countries the Theory of Utility, might have been disregarded as unacceptable on the grounds that only the thoughts about pain and pleasure might not be the sole interest of the country. The country's welfare might not be measured in the quantum of happiness to majority and grief and pain to minorities. However, it cannot be totally waived and be done away with. For how can social welfare legislations be not measured on the quantum of maximum pleasure and minimum pain? The essence of Bentham's theory and his philosophy is retained by the world even in today's modern day legislation. It is human nature to take a step forward when he can measure the risk and the gain of that direction. Thereby the modern day man is much more a hedonistic calculus. This research aims at reflecting the various juncture whereby the modern day legislations, directives, judgments and policies draw their essence from the Theory of Utility.